van Biema Global Value Fund,

L.P.

Fund Investment Objectives

The Fund invests in approximately 20 funds that employ a range of investment philosophies across the Value spectrum. The Fund targets small managers with AuM less than $200 million that are `under the radar'. By forming a portfolio of these funds we allow our clients to invest in what otherwise would be an inaccessible group of desirable and high quality funds. We allocate capital to relatively undiscovered managers that have proven track records or managers who have trained and worked under well-known Value managers. We are Value investors ourselves with on average over 20 years of experience. Our board of advisors has on average 30 years experience and manages approximately $200 billion in the aggregate in pure Value style. AUM is reported as Strategy AUM.